Federal Deposit Insurance Corporation

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Federal Deposit Insurance Corporation
Agency overview
Formed June 16, 1933
Jurisdiction Federal government of the United States
Headquarters Washington, D.C.
Employees 8,713 (Dec. 2012)[1]
Agency executive Martin J. Gruenberg, Chairman

The Federal Deposit Insurance Corporation (FDIC) aims to keep people’s money safe. Specifically, the money people put into American banks. If their money is lost they replace it. They will replace it up to $250,000 for each person, for each bank. As of September 30,  2012 (2012 -09-30) the FDIC insured 7,895 different banks or institutions.[2] The FDIC also watches banks or institutions for problems or failings.

The FDIC was made during the Great Depression by the President, Franklin Roosevelt in June 1933. This is an important thing in United States history because it guaranteed people their money. This also helped people feel better about using banks in the United States.

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